The Roots of Investment Insight

This chapter explores the early investment experiences of a legendary investor, beginning with their childhood fascination with the market and the influence of family. Key lessons are shared from formative investments, demonstrating the importance of patience, proper valuation, and understanding one's investment temperament. The discussion also contrasts different investment strategies, highlighting the balance between risk and prudence in achieving long-term success.

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Episode notes

IN THIS EPISODE, YOU’LL LEARN:

03:07 - How Joel Tillinghast fell in love with investing as a boy of eight or nine.
07:51 - What he learned from his first investment, which he’s (so far) held for 54 years.
09:12 - Why it’s critical not to overpay, even when you’re investing in a superb business.
11:04 - How his approach differs from the strategy of another Fidelity legend, Will Danoff.
14:55 - What Joel admires about Cathie Wood.
19:20 - What he learned from a disastrous macroeconomic bet using borrowed money.
33:36 - Why it’s important to invest in “adaptive companies.”
34:50 - How he was hired at Fidelity after cold calling Peter Lynch.
39:56 - How young people can break into the investment business at a firm like Fidelity.
44:59 - What qualities made Peter Lynch a wildly successful stock picker.
53:38 - Why Joel avoids biotech stocks.
54:25 - Why it’s critical to know yourself & stick to games where you truly have an edge.
56:47 - How he thinks about diversification & why he owns a huge number of stocks.
1:11:07 - How he made more than 1,000 times his money investing in Monster Beverage.
1:10:08 - How emotional exhaustion led him to announce his retirement next year.
1:23:12 - How he was affected by a terrifying experience of an earthquake in Japan.
1:27:21 - How to handle adversity by letting go of what we can’t control.
1:29:26 - What he’s trying to teach Fidelity’s next generation of fund managers.
1:32:27 - What gives Joel satisfaction as he looks back on his extraordinary career.
1:35:24 - What he learned from his beloved father.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Joel Tillinghast’s Fidelity Low-Priced Stock Fund.
Joel’s book, Big Money Thinks Small: Biases, Blind Spots, & Smarter Investing.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
William Green’s Twitter.

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